If you’ve taken out a loan to pay for your home then you need to find a Washington homeowners insurance company to cover your needs. When you have a mortgage your bank/lender requires you to have homeowners insurance from a WA company. Of course, homeowners insurance is important even if you’ve finance your home on your own. Either way, it is important that you shop around and find a homeowners insurance company in WA that you feel comfortable with and that will offer you a good quality policy that meets your needs.
Regulations For Washington Homeowners Insurance Companies
Insurance is usually regulated by the laws and rules in each state rather than on the Federal level. While Washington state does not make homeowners insurance mandatory, it does provide for some regulation of the industry to protect both the homeowner and the insurance company.
Inspections can often be a part of determining eligibility for insurance coverage and in Washington there are regulations in place to ensure that it is a fair process. The FAIR plan outlines the rules for inspections and inspection reports. The FAIR plan sets forth:
- Any person that has an interest in a property has the right to an inspection by the inspection bureau free of charge. The inspection can be requested by the owner or insurer.
- Full access must be provided to the inspection bureau.
- The inspection report must cover structural and occupancy features and the general condition. A photograph is permitted to be taken as part of the report.
- The inspector will point out areas of concern to the person who is getting the inspection, but the inspector can not advise as to whether the property should be provided insurance coverage.
The purpose of these rules is to ensure a fair inspection that is not biased in any way. Inspections are often used in part to determine the rate of insurance coverage provided by a Washington homeowners insurance company, so it is to the advantage of everyone that the inspection be fair.
Other regulations on a Washington homeowners insurance company include state insurance basic rules and regulations, which are to ensure reasonable service and prices that the insurance companies offer, as well as, making sure that you are going to get the protection you need when you need it.
Damages Covered By A Washington Homeowners Insurance Company
Understanding the coverage offered by a Washington homeowners insurance company is important. You will want to make sure that they offer you all the coverage you need to protect you against possible damages.
General policies will usually cover damages caused by weather such as hail, ice and tornados, break ins or fire. However, there are also several acts of nature that are not generally covered. If you need coverage for these types of damages then you will need to get additional coverage on your policy and you may have to seek out an insurance company that can offer you such coverage. Damages that may not be covered include:
- Flooding
- Earthquakes
- Volcanoes
- Wildfires
These natural disasters can cause a large amount of damage to your home. While they are not something that you will run into everyday or even all that often, the risk of damage from one of these disasters is still pretty high depending on where exactly you live in Washington state. You will want to clearly understand your risk for each of these disasters so that you can make sure you have the insurance coverage you need.
You also may not be covered for damages caused by negligence such as:
- Busted pipes due to freezing
- Internal damages not resulting from exterior damages
- Power outage damages
There are many dangers lurking out there that can damage your home and it is your responsibility to ensure you choose a company that can offer you protection against damages you are at risk for. You can do this by reading your policy carefully and asking questions when you are setting up the policy or getting the quote.
Getting A Washington Homeowners Insurance Company Quote
After determining your insurance needs you will need to start gathering quotes from different Washington homeowners insurance companies.
You can use our quote tool to help you get quotes that you can then compare and use to find the perfect insurance company for your needs right away!
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